Fair Value Option (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Financial Instruments for Which Fair Value Option Has Been Elected

The following table summarizes the financial instruments for which the fair value option has been elected:


	June 30,		December 31,
	2019		2018
Assets
Loans and Receivables	$	187,831	$	304,173
Equity and Preferred Securities		223,630		390,095
Debt Securities		576,306		529,698
Assets of Consolidated CLO Vehicles
Corporate Loans		6,969,542		6,766,700
Other		988		—

	$	7,958,297	$	7,990,666

Liabilities
Liabilities of Consolidated CLO Vehicles
Senior Secured Notes
Loans Payable	$	6,474,210	$	6,473,233
Due to Affiliates		45,243		3,201
Subordinated Notes
Loans Payable		61,695		7,478
Due to Affiliates		49,575		52,811

	$	6,630,723	$	6,536,723

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected

The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:


	Three Months Ended June 30,
	2019						2018
				Net Change					Net Change
	Realized			in Unrealized			Realized		in Unrealized
	Gains (Losses)			Gains (Losses)			Gains		Gains (Losses)
Assets
Loans and Receivables	$	(747	)	$	(1,897	)	$	—	$	—
Equity and Preferred Securities		9,907			(67	)		—		(2,095	)
Debt Securities		(3,325	)		1,817			15		(2,878	)
Assets of Consolidated CLO Vehicles
Corporate Loans		(10,549	)		(18,025	)		1,074		(25,896	)
Other		—			350			—		—

	$	(4,714	)	$	(17,822	)	$	1,089	$	(30,869	)

Liabilities
Liabilities of Consolidated CLO Vehicles
Senior Secured Notes	$	—		$	6,667		$	—	$	—
Subordinated Notes		—			15,163			—		16,846

	$	—		$	21,830		$	—	$	16,846


	Six Months Ended June 30,
	2019						2018
				Net Change						Net Change
	Realized			in Unrealized			Realized			in Unrealized
	Gains (Losses)			Gains (Losses)			Gains (Losses)			Gains (Losses)
Assets
Loans and Receivables	$	(1,831	)	$	(2,657	)	$	—		$	—
Equity and Preferred Securities		9,908			22,298			—			(1,867	)
Debt Securities		(3,360	)		16,749			827			(2,297	)
Assets of Consolidated CLO Vehicles
Corporate Loans		(14,400	)		161,777			(4,399	)		(7,046	)
Corporate Bonds		—			—			(24,056	)		9,693
Other		—			350			—			6

	$	(9,683	)	$	198,517		$	(27,628	)	$	(1,511	)

Liabilities
Liabilities of Consolidated CLO Vehicles
Senior Secured Notes	$	—		$	(44,893	)	$	—		$	—
Subordinated Notes		—			(50,981	)		—			60,460

	$	—		$	(95,874	)	$	—		$	60,460

Information for Financial Instruments on Which Fair Value Option was Elected

The following table presents information for those financial instruments for which the fair value option was elected:

	June 30, 2019							December 31, 2018
				For Financial Assets							For Financial Assets
				Past Due (a)							Past Due (a)
	(Deficiency)					Excess		Excess (Deficiency)					Excess
	of Fair Value			Fair		of Fair Value		of Fair Value			Fair		of Fair Value
	Over Principal			Value		Over Principal		Over Principal			Value		Over Principal
Loans and Receivables	$	(878	)	$	—	$	—	$	2,421		$	—	$	—
Debt Securities		(10,920	)		—		—		(26,660	)		—		—
Assets of Consolidated CLO Vehicles
Corporate Loans		(151,535	)		—		—		(301,085	)		—		—
Other		350			—		—		—			—		—

	$	(162,983	)	$	—	$	—	$	(325,324	)	$	—	$	—

(a)	Corporate Loans within CLO assets are classified as past due if contractual payments are more than one day past due.